New Found Recovery May Push RUNE Price Above $2

The ongoing recovery trend in RUNE price has taken a more steady approach under the influence of an expanding channel pattern. In the past two months, the prices have rebounded twice from the lower trendline and twice from the upper trendline, indicating its strong influence on market participants. Thus, with the traders currently witnessing high demand pressure at the bottom trendline, this altcoin is poised for a significant recovery ahead.

Also Read: Why Ark Invest’s Updated Bitcoin ETF Filing Is Bullish for BTC Price?

Will RUNE Price Rebound From $1.5 Support

• A bullish reversal from the support trendline hints at a 38% Recovery
• The breakdown from the channel pattern would put this altcoin at risk of major correction
• The intraday trading volume in RUNEer is $126 Million, indicating a 104% gain.

Source- Tradingview

Following the phenomenal jump price of the RUNE coin, the price starts shaping into an expanding channel pattern. In theory, the diverging trendlines of the chart pattern reflect increasing volatility.

Amid the recent downturn in the crypto market, the price action displays a retracement from the overhead resistance trendline at $2.26, completing a negative cycle to test the bottom support trendline. This downfall plunged the coin to its current trading price of $1.64, registering a 27.5% loss in the last two weeks. 

However, with an additional support of a 200-day EMA, the THORChain coin price manages to absorb the incoming supply and avoids fracturing the support trendline around $1.55. With a new forming morning star pattern at the trendline, the buyers are preparing to restart a positive cycle within the channel. 

Optimistically, the buyers can manage to regain the bullish momentum as the overall market displays a possibility of a recovery rally with this October season. In such a case, the Rune prices can reclaim the overhead psychological mark of $2 and rechallenge the $2.26 swing high with a better possibility of breach.

Is Correction Trend Heading to $1.4?

If the sellers keep the bullish growth under check, a sharp increase in supply can fracture the support trendline. In such a case, the downtrend momentum will be significantly increased with the breakdown fall fueling the bearish sentiments. Therefore, on the bottom side, the falling prices can test the crucial support of $1.38.

• Exponential Moving Average: The coin price trading above 100-and-200 EMA indicates the overall market sentiment is bullish.
• Relative Strength Index: The daily RSI slope above 40% reflects the bullish momentum is sufficient for price reversal.